DAILY NEWS

Daily News – 24 September 2021 (Fri)

Singapore Real Estate

Shopping for shophouses
Over the last year, Singapore shophouses have become the asset du jour for property “collectors”. A surge in both volume of transactions and prices attests to the new appeal of these unique – and scarce – buildings as well as their improving returns as assets.
https://www.businesstimes.com.sg/weekend/shopping-for-shophouses

Rare, non-conservation shophouse at Jalan Besar up for sale with S$5.9m guide price
A 999-year non-conservation shophouse located in Jalan Besar with value-add potential has been put up for sale via expression of interest (EOI) with a guide price of S$5.9 million.
https://www.businesstimes.com.sg/real-estate/rare-non-conservation-shophouse-at-jalan-besar-up-for-sale-with-s59m-guide-price

Singapore Economy

Singapore’s core inflation edged up to 1.1% in August; MAS, MTI maintain forecasts
Singapore’s core inflation edged up in August to 1.1 per cent, from 1 per cent in July, with the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) maintaining their inflation forecasts ahead of the MAS’s next policy meeting in October.
https://www.businesstimes.com.sg/government-economy/singapores-core-inflation-edged-up-to-11-in-august-mas-mti-maintain-forecasts
https://www.straitstimes.com/business/economy/singapore-core-inflation-hits-over-2-year-high-in-august-amid-higher-food-prices

Jobs Growth Incentive extended to March 2022 but support reduced: MOM
The government is extending the Jobs Growth Incentive (JGI) to March 2022 to support employers that are expanding their local workforce, the Ministry of Manpower (MOM) said on Friday. “We expect the road ahead to continue to be uneven, so to secure the recovery and support our local jobseekers, we will extend the scheme by another six months,”…
https://www.businesstimes.com.sg/government-economy/jobs-growth-incentive-extended-to-march-2022-but-support-reduced-mom

Companies’ Brief

Against Evergrande backdrop, CapitaLand shows right boldness
This week saw the culmination of the corporate restructuring of CapitaLand Limited (CLL), with the trading debut of CapitaLand Investment (CLI) on Monday. CLL split its business into a privately-held development arm and a new listed unit for investment management platforms and lodging under CLI, which is positioned as a real estate investment manager (REIM).
https://www.businesstimes.com.sg/opinion/commentaries/against-evergrande-backdrop-capitaland-shows-right-boldness

Frasers Property issues S$200m sustainability notes at 3%
Frasers Property AHL, a subsidiary of Frasers Property’s Australia unit, has issued S$200 million worth of sustainability notes due October 2028. Priced on Sept 16 at a coupon rate of 3 per cent per annum, the Series 001 notes were issued Thursday under Frasers Property AHL’s A$2 billion (S$1.96 billion) multicurrency debt issuance programme established in February 2020.
https://www.businesstimes.com.sg/real-estate/frasers-property-issues-s200m-sustainability-notes-at-3

Mapletree Investments raises US$552m for maiden US office fund
Mapletree Investments has closed its maiden US office fund, Mapletree US Income Commercial Trust (MUSIC), with US$552 million in total fund equity raised. In a press statement on Thursday, the Temasek-owned company said MUSIC’s target internal rate of return (IRR) of 12 per cent represents both a yield plus growth total return from a resilient and income-generating portfolio.
https://www.businesstimes.com.sg/real-estate/mapletree-investments-raises-us552m-for-maiden-us-office-fund
https://www.straitstimes.com/business/companies-markets/mapletree-investments-raises-us552m-for-maiden-us-office-fund

AA Reit is one to watch on potential corporate action, say analysts
September has been a busy month for Aims Apac Reit. The Singapore-listed real estate investment trust (S-Reit), which owns and invests in a diversified portfolio of industrial real estate assets in Singapore and Australia, was one of the 11 S-Reits to be inducted into the FTSE EPRA Nareit Global Real Estate Index series this month.
https://www.businesstimes.com.sg/companies-markets/aa-reit-is-one-to-watch-on-potential-corporate-action-say-analysts

IReit Global acquires Grade A office building in Barcelona for 27.2m euros
IReit Global’s wholly-owned subsidiary has acquired a Grade A freehold office building in Barcelona, Spain, for 27.2 million euros (S$43.1 million).The move brings the number of Spain properties in the Europe-focused real estate investment trust’s (Reit) portfolio to five – three in Barcelona and two in Madrid.
https://www.businesstimes.com.sg/companies-markets/ireit-global-acquires-grade-a-office-building-in-barcelona-for-272m-euros

Industrial S-Reits’ return on assets most resilient: IREUS
Among Singapore-listed real estate investment trusts (S-Reits), the industrial sector took the smallest hit to their return on average assets (ROAA) from the Covid-19 crisis.
https://www.businesstimes.com.sg/real-estate/industrial-s-reits-return-on-assets-most-resilient-ireus

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1454

Views, Reviews, Forum & Others

Covid-19 hastens a new era in philanthropy: Seven key trends
The Covid-19 global crisis has impacted every facet of our lives, creating new and amplifying existing social challenges and environmental issues. Many philanthropists have been forced to confront their own giving and re-evaluate their roles as benefactors. Were they supporting the right causes?
https://www.businesstimes.com.sg/opinion/covid-19-hastens-a-new-era-in-philanthropy-seven-key-trends

China’s political minefield for foreign investors
At 8.30am on Sept 16, from his office in New York, Mr Stephen Schwarzman, the global chief executive of US$684 billion (S$922 billion) private equity giant Blackstone, logged into a video call with Mr Fang Xinghai, the chair of Beijing’s top financial regulator.
https://www.straitstimes.com/opinion/chinas-political-minefield-for-foreign-investors

Evergrande contagion bears watching
The crisis engulfing China’s second largest property developer Evergrande has the potential to generate wider ripple effects that could impact several sectors of China’s economy and eventually its economic growth – with consequences for the global economy.
https://www.straitstimes.com/opinion/st-editorial/evergrande-contagion-bears-watching

Why are some Singapore malls doing better than others?
Singapore – With the impending departure of luxury boutique Pedder on Scotts in Scotts Square, it seems even a spot on the prime Orchard Road shopping belt alone cannot save retail. Yet a few doors down, players such as Ion Orchard and Takashimaya Shopping Centre remain bustling.
https://www.straitstimes.com/life/style/why-are-some-malls-doing-better-than-others-unpacking-the-enigma-of-spore-malls

Update on COVID-19 (Coronavirus Disease 2019) Situation

1,504 new Covid-19 cases in Singapore; two unvaccinated women die
[Singapore] A total of 1,504 new Covid-19 cases were reported in Singapore on Thursday, the Ministry of Health (MOH) said in its latest nightly update. Two unvaccinated Singaporean women, aged 71 and 93, have also died of Covid-19 complications, taking the death toll to 70.
https://www.businesstimes.com.sg/government-economy/1504-new-covid-19-cases-in-singapore-two-unvaccinated-women-die
https://www.straitstimes.com/singapore/health/1504-new-covid-19-cases-in-spore-two-unvaccinated-women-die

First Covid-19 stepped-up community facility in Tampines starts receiving patients
Singapore – The first patients arrived at Singapore’s first Covid-19 stepped-up community treatment facility (CTF) in Tampines when it opened on Thursday (Sept 23). At around 11am, three Covid-19 patients were seen alighting from specially hired vehicles along Tampines Street 22, where the facility is located.
https://www.straitstimes.com/singapore/health/first-stepped-up-community-care-facility-in-tampines-receives-its-first-patients

Buddy system, ART tests: What does home recovery mean for Covid-19 patients in Singapore?
Singapore – Home recovery is now the default mode for care of Covid-19 cases in Singapore, to ease the strain on hospitals and community care facilities (CCFs). Home recovery now accounts for up to 40 per cent of daily cases.
https://www.straitstimes.com/singapore/what-does-home-recovery-mean-for-covid-19-patients-in-singapore

10 suspected cases of blood clot in brain among those who received mRNA Covid-19 vaccines in S’pore
Singapore – There are 10 suspected cases of cerebral venous thrombosis (CVT), or blood clot in the brain, among those who have received the Pfizer and Moderna vaccines for Covid-19 in Singapore.
https://www.straitstimes.com/singapore/10-suspected-cases-of-blood-clot-in-brain-among-those-who-received-mrna-covid-19-vaccines

Vaccines help keep severe and ICU cases in check as Covid-19 infections continue to rise
Singapore – The recent surge in Covid-19 cases may take a long time to peak and it is not yet time to ease restrictions here, say experts. But there is a silver lining, as it appears that vaccines are keeping severe cases from rising as quickly as overall case numbers.
https://www.straitstimes.com/singapore/health/vaccines-help-keep-severe-and-icu-cases-in-check-as-covid-19-infections-continue-to

Is it time to ease outdoor mask rules? Not yet, say experts on WP MP Jamus Lim’s suggestion
Singapore – Mask-wearing rules should not be eased until the impact of such a move on the healthcare system is deemed to be minimal, said infectious diseases specialist David Lye.
https://www.straitstimes.com/singapore/health/is-it-time-to-ease-outdoor-mask-rules-not-yet-say-experts-on-wp-mp-jamus-lims

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation